- Choosing the right team: for both ventures to be successful you must choose the right team to create the project. For a new musical that means the composer, lyricist, book writer and, director. For a website that means the Web developer/s and designer/s.
- Creative development: in both instances, there is a creative development process. Once the subject matter or content has been chosen for the project, the producer must then communicate to the creative teams his/her vision of the project and guide to creative's towards that vision.
- Financing: to be successful both development processes must be properly financed. This means properly assessing the financial needs of the development of each project and then raising the necessary capital. Under financing the development process could have serious detrimental consequences to the success of the venture.
- Buzz: for new show to have the greatest chance of success healthy buzz needs to be cultivated amongst theater goers. For a new website, the same holds true amongst potential users.
- Marketing plan: a comprehensive marketing plan must be in place for the success of any new venture. In today's world that includes; Web, print, PR, word-of-mouth and key influencer cultivation. This plan once in place must be adaptive and scalable according to the needs of the venture.
- Audience/user development: both a website and a new theatrical production need people to go to it. For a play or musical that means ticket sales, for a website that means users. The key difference is, in business terms, the burn rate. A theatrical production can have weekly running costs from $200,000-$400,00 for plays and $375,000-$750,000 for musicals. Therefore a new show must not only have advance sales but also substantial weekly sales. There is very little forgiveness for weak sales performance by a production. A website on the other hand can be run very inexpensively depending on the complexity of the functionality involved. Therefore, the website can afford to develop its audience over a longer period of time than a new play or musical.
- Maintenance: a website is an iterative project. It will go through numerous versions over its lifetime. Each new iteration is often a response to the user feedback received by the web company. A new or musical, on its way to a Broadway production, will also receive feedback from its audiences. These audiences come in the form of friends and industry members invited to readings and workshops to audiences at first productions produced at venues outside of New York City or off Broadway. The audience feedback of the new production will help shape the final production presented on Broadway. Once the show is up and running, there is continued maintenance of the performances, crew assignments, costumes, lights, settings, as well as the marketing plan. As well, a successful Broadway production can lead to tours these tours are iterations of the Broadway version of the play or musical. They are often adapted to the needs of touring both physical and financial.
As the launch of Theateradvisor.com grows nearer I am certain I will have further thoughts on this subject. In the meantime, if you have any additions please leave them in the comments.